PETRONAS Delays Second FLNG

first_imgzoom Malaysian oil and gas company Petroliam Nasional Berhad (PETRONAS) has pushed the commissioning of its second floating liquefied natural gas  (FLNG) project for a later date as the company works to cut costs in a relentless market.The PFLNG 2 project, to be located off the coast of Sabah in Malaysia, was originally scheduled for delivery in 2018. However, it has not been disclosed what will be the new date of delivery.The FLNG is being built by Korean shipbuilder Samsung Heavy Industries as part of a consortium consisting of JGC Corporation, Samsung Heavy Industries Company Limited, JGC (Malaysia) Sdn Bhd and Samsung Heavy Industries (M) Sdn Bhd.Meanwhile, PETRONAS’ first floating LNG facility (PFLNG 1) at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in Okpo, South Korea is nearing conclusion, with 95% of the structure completed in December 2015.  Once completed, the PFLNG 1 will be moored at the Kanowit field, offshore Sarawak, and is designed to produce 1.2 mtpa of LNG.The announcement comes as Petronas wraps up an extremely difficult 2015 with lower revenue and profit after tax (PAT) amidst a depressed oil price environment and net impairment on assets.PETRONAS recorded a revenue of RM248 billion, a 25 per cent decline compared to the same period in 2014. The company anticipates its financial performance for 2016 to continue to be affected by the prolonged volatility in oil prices.Speaking at a press conference Monday, PETRONAS’ President and Group CEO, Datuk Wan Zulkiflee Wan Ariffin said that PETRONAS had persevered through the challenging year to remain profitable.Wan Zulkiflee said that the next two years would continue to be challenging for PETRONAS and that the company’s cash flow from operations are unlikely to be able to cover the remaining CAPEX and its RM16 billion dividend commitments to the government.last_img read more

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Stony Brook tops Norfolk State 7973 for 4th straight win

NORFOLK, Va. — Jaron Cornish tossed in 22 points on 8-of-11 shooting from the floor and Akwasi Yeboah added 16 points and seven rebounds to guide Stony Brook to a 79-73 victory over Norfolk State on Tuesday night.Jeff Otchere pitched in with 12 points, seven boards and two blocked shots for the Seawolves (6-1), who picked up their fourth straight win and are off to their best start since the 2009-10 season.Nic Thomas hit four 3-pointers and scored 18 to pace the Spartans (3-5), who lost for the first time in four home games. Mastadi Pitt totalled 14 points and four assists, while Jordan Butler and Armani Branch scored 10 apiece.The Seawolves led 39-32 at halftime. Jules Moor’s 3-point play and a 3-pointer by Yeboah pushed the lead to 45-32 just 57 seconds into the second half. A Thomas 3-pointer pulled the Spartans within 70-67 with 3:58 left to play, but Cornish scored five straight points to keep Stony Brook comfortably ahead.Stony Brook buried 26 of 47 shots from the floor (55 per cent), including 9 of 19 from 3-point range. The Spartans sank 22 of 48 shots (46 per cent). Norfolk State made 8 of 21 from distance but were outrebounded 35-19.The Associated Press read more

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